Business
American Outdoor Brands, Inc. Reports First Quarter Fiscal 2022 Financial Results
- Net Sales $60.8 Million (+20.4%) - Gross Margin 47.7% (+70 Basis Points) - GAAP EPS $0.24 / Non-GAAP EPS $0.48 COLUMBIA, Mo., Sept. 9, 2021 /PRNewswire/ --
About this update from American Outdoor Brands, Inc.
[{"type":"text","content":"- Net Sales $60.8 Million (+20.4%)\n - Gross Margin 47.7% (+70 Basis Points)\n - GAAP EPS $0.24 / Non-GAAP EPS $0.48\n\n\nCOLUMBIA, Mo., Sept. 9, 2021 /PRNewswire/ -- American Outdoor Brands, Inc. (NASDAQ Global Select: AOUT), an industry leading provider of products and accessories for rugged outdoor enthusiasts, today announced financial results for the first quarter fiscal 2022 ended July 31, 2021.\n\n \n \n \n \n \n \n\n \nFirst Quarter Fiscal 2022 Financial Highlights\nNet sales of $60.8 million for the first quarter of fiscal 2022 grew 20.4% compared with the first quarter of fiscal 2021 and grew 82.9% compared with the first quarter of fiscal 2020, reflecting increased net sales in traditional sales channels and increased international net sales. Gross margin of 47.7% increased 70 basis points over the comparable quarter last year. Net income of $3.5 million, or $0.24 per diluted share, compared with net income of $1.8 million, or $0.13 per diluted share, for the comparable quarter last year. Non-GAAP net income of $6.8 million, or $0.48 per diluted share, compared with non-GAAP net income of $5.0 million, or $0.36 per diluted share, for the comparable quarter last year. GAAP to non-GAAP adjustments for net income exclude acquired intangible amortization, stock compensation, transition costs, COVID-19 expenses, technology implementation, and other costs. For a detailed reconciliation, see the schedules that follow in this release. Adjusted EBITDAS was $9.6 million, or 15.7% of net sales, compared with $8.7 million, or 17.3% of net sales, for the comparable quarter last year. Concurrent with the company's spin-off in fiscal 2021, the accounting treatment of its headquarters facility changed from a finance lease to an operating lease. Excluding that change, Adjusted EBITDAS margins in the first quarter of fiscal 2022 were relatively flat year over year. For a detailed reconciliation, see the schedules that follow in this release. Brian Murphy, President and CEO, said, \"I am extremely pleased with our strong start to the new fiscal year. We delivered first quarter growth in net sales and profitability, results that reflect our dedication to building authentic, lifestyle brands that help consumers make the most out of the moments that matter. We believe that quarterly net sales growth of more than 20% over fiscal 2021, and n...